Insurance in Europe: 2016 CIO IT and Business Priorities

by Jamie Macgregor,  Nicolas Michellod, July 5, 2016
Industry Trends
EMEA

Abstract

European insurers face a tough market environment, and CIOs have to carefully select their investments if they want to efficiently support their business operations.

European insurers face a tough market environment, and CIOs have to carefully select their investments if they want to efficiently support their business operations.

 

European insurance CIOs are managing budgets and programs to address key challenges around legacy system replacement and modernization, digital transformation, and innovation.

“Process optimization is the business objective that has the most significant influence on European insurers’ IT plans,” says Nicolas Michellod, Celent insurance analyst and coauthor of the report.

“Digital initiatives concentrate on new business process and policyholder service process digitization as well as business process automation,” adds Jamie Macgregor, head of the Celent Insurance practice and coauthor of the report.

Trends discussed in this report reflect Celent’s experience of the market based on ongoing discussions with the industry and, specifically, interviews with CIOs at the beginning of 2016.

 

This 24-page report is available to all Celent insurance subscribers.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

About the CIO Survey

2

 

Inputs to this Report

2

Business Outlook and IT Spending

4

 

Growth Prospect

4

 

Business Goals Influencing IT Plans

5

 

IT Spending

6

 

Focus on France

6

 

Focus on the UK

7

Legacy and Ecosystem Transformation

10

 

Investment Status

10

 

Application Portfolio Plans

11

 

SaaS Adoption

12

Digital Transformation

14

 

Investment Status

14

 

Digital Initiatives

14

 

Progress in Analytics

16

Innovation

17

 

Investment Status

17

 

Effort Allocation

17

 

Types of Investment Activities

18

Final Thoughts

21

Leveraging Celent’s Expertise

23

 

Support for Financial Institutions

23

 

Support for Vendors

23

Related Celent Research

24

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